Another Reader is right to warm about auctions. Property generally goes for market value, auction or not, if your region is efficient. Not all auctions are equal, so make sure to understand this one. Some just allow the right to offer a contract to the seller, which they do not have to agree to. Some don't allow time for obtaining a loan and need all cash within a small amount of time, often days. My other concern is if there is a current occupant? If so you will need to evict (or come to some other agreement, like cash for keys) which in many areas is not happening right now.
I don't want to discourage you from getting into real estate, I'm very bullish on it and encourage you to try, but make sure you are going into it with eye wide open.